Accounting Definitions Chapter 1-4

Question

What is a Dividend?

Answer 1

A distribution by a corporation to its customers.

Answer 2

A distribution by a corporation to its owners.

Answer 3

A distribution by a corporation to its stockholders.

Answer 4

The field of accounting that provides economic and financial information for investors, creditors and other external users.

Answer 5

The field of accounting that provides economic and financial information for owners, customers and other external users.

Answer 6

The field of accounting that provides economic and financial information for the government, the general public and other external users.

Answer 7

A financial statement that presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time.

Answer 8

A financial statement that presents the dividends and common stock and resulting net income or net loss of a company for a specific period of time.

Answer 9

A financial statement that presents the cash and dividends and resulting net income or net loss of a company for a specific period of time.

Answer 10

The standards of business by which one's actions are judged as right or wrong, honest or dishonest, fair or not fair.

Answer 11

The process by which a company is investigated by the federal reserve for suspicion of money laundering.

Answer 12

The standards of conduct by which one's actions are judged as right or wrong, honest or dishonest, fair or not fair.

Answer 13

A journal entry that involves one or two accounts.

Answer 14

A general ledger account that is compounded on a monthly basis.

Answer 15

A journal entry that involves three or more accounts.

Answer 16

A list of accounts and the definitions of those accounts.

Answer 17

A list of accounts and the account numbers that identify their location in the ledger.

Answer 18

A list of accounts displayed on a chart or graph.

Answer 19

An accounting record in which sales are initially recorded in chronological order.

Answer 20

An accounting record in which transactions are initially recorded in chronological order.

Answer 21

An accounting record in which revenues are initially recorded in chronological order.

Answer 22

The entire group of journals maintained by a company.

Answer 23

The entire group of accounts maintained by a company.

Answer 24

A sample of accounts maintained by a company.

Answer 25

Net income that is kept (retained) in the business.

Answer 26

Net income that is converted into cash.

Answer 27

Net income that is kept (retained) in the business and distributed to the shareholders.

Answer 28

The allocation of the cost of a liability to expense over its useful life in a rational and systematic manner.

Answer 29

The allocation of the cost of land to expense over its useful life in a rational and systematic manner.

Answer 30

The allocation of the cost of an asset to expense over its useful life in a rational and systematic manner.

Answer 31

An accounting period that is one year in length.

Answer 32

An accounting period that is one month in length.

Answer 33

An accounting period that is six months in length.

Answer 34

Daily or Monthly accounting time periods.

Answer 35

Semi-annually or anual accounting time periods.

Answer 36

Monthly or quarterly accounting time periods.

Answer 37

Accounting basis in which companies record transactions that change a company's journal entries in the periods in which the events occur.

Answer 38

Accounting basis in which companies record transactions that change a company's financial statements in the periods in which the events occur.

Answer 39

Accounting basis in which companies record transactions that change a company's net income/loss in the periods in which the events occur.

Answer 40

Expenses incurred but not yet paid in cash or recorded.

Answer 41

Expenses that are paid for but not yet recorded.

Answer 42

Expenses incurred that are paid for and recorded.

Answer 43

Revenues for services performed not yet received in cash but have been recorded.

Answer 44

Revenues for services not yet performed but have received cash and recorded.

Answer 45

Revenues for services performed not yet received in cash or recorded.

Answer 46

Cash received before services are performed.

Answer 47

Cash not yet received before services are performed.

Answer 48

Cash not yet received but services have been performed.

Answer 49

The difference between the sale of a depreciable asset and its related accumulated depreciation.

Answer 50

The difference between the cost of a depreciable asset and its related accumulated depreciation.

Answer 51

The difference between the cost of a depreciable liability and its related accumulated depreciation.

Answer 52

Expenses paid in cash before they are used or consumed.

Answer 53

Expenses paid in cash after they are used or consumed.

Answer 54

Expenses paid on credit before they are used or consumed.

Answer 55

An income statement that contains standard classifications or sections.

Answer 56

A balance sheet that contains standard classifications or sections.

Answer 57

A trial balance sheet that contains standard classifications or sections.

Answer 58

Assets that a company expects to convert to cash or use up within one year.

Answer 59

Assets that a company expects to convert to cash or use up within 3 years.

Answer 60

Assets that a company expects to convert to cash or use up within 5 years.

Answer 61

Entries made at the end of an accounting period to transfer the balances of temporary accounts to a permanent stockholder's expense account, Retained Earnings.

Answer 62

Entries made at the end of an accounting period to transfer the balances of temporary accounts to a permanent stockholder's equity account, Common Stock.

Answer 63

Entries made at the end of an accounting period to transfer the balances of temporary accounts to a permanent stockholder's equity account, Retained Earnings.

Answer 64

Non-current assets that do not have physical substance.

Answer 65

Non-current assets that have physical substance.

Answer 66

Non-current liabilities that do not have physical substance.

Answer 67

A temporary account used in closing cash and expense accounts.

Answer 68

A temporary account used in closing revenue and expense accounts.

Answer 69

A temporary account used in closing revenue and dividend accounts.

Answer 70

The ability of a company to pay obligations expected to be due within the next month.

Answer 71

The ability of a company to pay obligations expected to be due within the next year.

Answer 72

The ability of a company to pay obligations expected to be due within the next 3 years.

Answer 73

A multiple-column form that may be used in making adjusting entries and in preparing and income statement.

Answer 74

A multiple-column form that may be used in making closing entries and in preparing financial statements.

Answer 75

A multiple-column form that may be used in making adjusting entries and in preparing financial statements.

Answer 76

The average time that it takes to purchase common stock, sell it on account , and then collect cash from shareholders.

Answer 77

The average time that it takes to purchase inventory, sell it on account , and then collect cash from customers.

Answer 78

The average time that it takes to purchase inventory and then sell it for cash.

Answer 79

Generally, (1) investments in stocks and bonds of other companies that companies normally hold for many years, and (2) long-term assets, such as land and buildings, not currently being used in operations.

Answer 80

Generally, (1) investments in stocks and bonds of other companies that companies normally hold for many years, and (2) short-term assets, such as inventory, not currently being used in operations.

Answer 81

Generally, (1) investments in short sale stock and mutual funds of other companies that companies normally hold for a few days, and (2) long-term assets, such as land and buildings, currently being used in operations.

Answer 82

The combination of revenue and dividend accounts. Often referred to as the ownership claim of shareholders on total assets. It is to a corporation what owner's equity is to a proprietorship.

Answer 83

The combination of asset and liability accounts. Often referred to as the ownership claim of shareholders on total assets. It is to a corporation what owner's equity is to a proprietorship.

Answer 84

The combination of common stock and retained earnings accounts. Often referred to as the ownership claim of shareholders on total assets. It is to a corporation what owner's equity is to a proprietorship.

Answer 85

Accounts that relate only to a given accounting period. Consist of all income statement accounts and the dividends account. All temporary accounts are closed at the end of the accounting period.

Answer 86

Accounts that relate only to any given accounting period. Consist of all income statement accounts and the dividends account. All temporary accounts are closed at the end of the accounting period.

Answer 87

Accounts that relate only to a given accounting period. Consist of all liability accounts and the dividends account. All temporary accounts are closed at the end of the accounting period.

Answer 88

An entry, made at the beginning of the next accounting period, that is the exact opposite of the adjusting entry made in the previous period.

Answer 89

An entry, made at the ending of the next accounting period, that is the exact opposite of the adjusting entry made in the previous period.

Answer 90

An entry, made at the beginning of the next accounting period, that is exactly the same as the adjusting entry made in the previous period.

Answer 91

A list of permanent accounts and their balances before a company has journalized and posted closing entries.

Answer 92

A list of temporary accounts and their balances after a company has journalized and posted closing entries.

Answer 93

A list of permanent accounts and their balances after a company has journalized and posted closing entries.

Answer 94

Accounts that do not relate to one or more accounting periods. Consist of all income statement accounts. Balances are carried forward to the next accounting period.

Answer 95

Accounts that relate to one or more accounting periods. Consist of all balance sheet accounts. Balances are carried forward to the next accounting period.

Answer 96

Accounts that relate to one or more accounting periods. Consist of all balance sheet accounts. Balances are closed before the start of the next accounting period.

Nächster

Accounting Definitions Chapter 1-4

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